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Unformatted text preview: maximize margin : others seek to maximize value within the constraints of their resources Describe common business processes. Organizations have three main business processes: 1. acquisition/expense/payment process 2. conversion process 3. sale/collection process Give three types of information processes. Information processes include: o Recording o Maintaining o Reporting Change : the only constant in business o Downsizing and rightsizing o Business process-re-engineering o Information superhighway- future of computers accessing and communicating over a world-wide network o Dissatisfaction with quality and timeliness of accounting information o Expectation gap- In accounting, is the gap between an auditor’s actual standard of performance and the more rigorous public expectation of what an auditor’s performance should be o ENRON, WORLDCOM, Sarbanes-Oxley, etc. [protect businesses and consumers]...
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This note was uploaded on 04/06/2012 for the course ACCT 458 taught by Professor Gillett during the Fall '09 term at Rutgers.
- Fall '09